GMDC fund now worth only $3.9-million

  • Mar. 20, 2009 1:00 p.m.

The value of the Greater Massett Development Corporation’s investment fund slipped substantially during 2008. The fund was worth $3.9-million on Dec. 31, 2008, compared to $4.7-million a year earlier, said GMDC chair Trevor Jarvis. Mr. Jarvis said the fund value fluctuates and the $3.9-million figure is simply a snapshot of its value on one particular date. “Two days later, it could be dramatically different,” he said. However, he agreed that the general trend is not good. The investment fund is being plagued by the same market turmoil that has slashed values around the globe. The GMDC started out with about $10-million, but has spent part of that over the past 11 years, mainly to operate the recreation centre. Last summer, the board decided to shut down the rec centre and shelter its remaining funds. Directors intend to eventually use this fund to generate income to help with the operating costs of a new recreation centre. The GMDC’s investments are made up of two funds: an unrestricted fund worth about $915,000 as of Dec. 31 and a restricted fund (also known as the “greenfield fund”) still worth its original $3-million. The greenfield fund cannot be spent on anything except demolition of the former military buildings, and was given to the GMDC by the federal government specifically for that purpose. The GMDC can spend any interest generated by the greenfield fund on whatever it wants.

Just Posted

Grim situation in coming year for northwest, B.C. fisheries

Annual post-season review in Prince Rupert informs DFO on how to manage 2019 fishing season

Another windstorm expected Monday, causing ferry delay

With another windstorm expected to hit Haida Gwaii on Monday afternoon, BC… Continue reading

Jason Alsop, Gaagwiis, elected Haida Nation president

Jason Alsop, Gaagwiis, is the newly elected president of the Council of… Continue reading

On the Wing: Small birds and berries

By Margo Hearne Into the chill. The Christmas Bird Counts will be… Continue reading

Saturday storm to hit Haida Gwaii with 80 to 100 km/h winds

A strong southeast storm is expected to hit coastal areas of Haida… Continue reading

VIDEO: Close encounter with a whale near Canada-U.S border

Ron Gillies had his camera ready when a whale appeared Dec. 7

B.C. Lions hire DeVone Claybrooks as head coach

Former Stampeders DC succeeds CFL legend Wally Buono

France shooting: 2 dead, several wounded in Strasbourg

A world-famous Christmas market was put on lock down on Tuesday

Canadian warship witnesses possible violations of North Korea sanctions

Crew members on HMCS Calgary took photos and collected other information

Christine Sinclair named Canadian Women’s player of the year again

This is the 14th time Sinclair has been named player of the year

B.C. man wants trapping laws changed after dog killed

Louis Seguin’s 10-month-old Australian shepherd died in a body-gripping trap last month

Nearly 8,000 homeless in B.C., first province-wide count reveals

Twenty-four seperate counts in B.C. cities found there are thousands of homeless in all corners of province

UPDATE: B.C. judge grants $10M bail for Huawei executive wanted by U.S.

Meng Wanzhou was detained at the request of the U.S. during a layover at the Vancouver airport

Most Read